The Socio-Technological Lives of Bitcoin

Theory, Culture, and Society, 36(4), 49–72.

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In this essay, I argue that cryptocurrencies and blockchains are important objects of general social science research and thought, but not for their ‘moneyness’ per se. Through a historical sociology of the antecedents and discourse leading up to Bitcoin, I show that it was never meant to be ‘money’ in the economic sense, but rather a solution to a technical puzzle for preventing opportunistic actors from double-spending digital ‘coins,’ as well as a fervent ideology surrounding online privacy and infringement of individual rights in the digital age. Drawing from themes in science and technology studies, I suggest that Bitcoin and other ‘cryptoassets’ are properly socio-technological assemblages that constitute new and important objects of social inquiry that must be understood beyond the myopic context of crypto-money. I conclude by proposing three alternative ontologies for blockchains relevant to economic, political, and social life: as systems of accounting, as organizational forms, and as institutions…

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401(K) Tax Policy May Create Wealth Inequality

Though well-intentioned, the current system of tax deferral for retirement contributions undermines public policy aimed at strengthening retirement security for all Americans. In fact, it has become a regressive policy that contributes to wealth inequality. Two employees who are identical savers and investors in every way except for income, receive different rates of return due only to the effects of the tax code. For example, they can participate in the same 401(k) plan, contribute the same dollar amount each year and allocate their investment portfolios in exactly the same way, yet end up with different results. The high-income earner will enjoy a higher return because they receive a proportionately larger tax deduction…

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Challenges Confronting Central Bankers Today

The Mario Einaudi Center for International Studies (Cornell University) Challenges Confronting Central Bankers Today The role of central banks in today’s global economy cannot be understated. These institutions hold great influence over important pieces of the economic engine, which in turn impact financial flows, access to credit, prices and global trade. Since the financial crisis of 2008-2009, the influence of central bank policymakers has only grown greater. Unprecedented actions and emergency measures have been taken to stabilize what otherwise could have been a global economic depression to rival the 1930’s. This paper reviews five questions that today’s central bankers face:…

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